Settled account vs. paid in full account

[mauve]

Yes - it looks better on manual review and ups the chances you can get it removed via goodwill.  It also makes it less likely you'll be sued for it.  Previous poster is less than an accurate source of info.

[Anonymous]

Thanks -I appreciate the feedback.... makes sense.  It doesnt sound like there is an actual difference to the score though.....  If I settle now and am able to pay it in full at a later stage do you know if that helps?  Do you know how long a settled account stays on your credit for? 

[MarineVietVet]

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@Anonymous wrote:

Thanks -I appreciate the feedback.... makes sense.  It doesnt sound like there is an actual difference to the score though.....  If I settle now and am able to pay it in full at a later stage do you know if that helps?  Do you know how long a settled account stays on your credit for? 

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Hi there.

Any notation of "settled" on your report is looked at for scoring purposes the same as a CO. But has already been said paying this in full will look better to a person looking at your report and seeing  you were willing to pay your debt.

CO's and collections can report for up to 7.5 years from the DoFD (Date of First Delinquency) on the OC account that led to the CO or collection unless you can get the creditor to remove it earlier.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".